The President of the African Development Bank Group, Akinwumi Adesina, has said that Africa faces an infrastructure gap of between $68bn to $108bn annually.

According to him, the bank had committed over 44 billion dollars to infrastructure across the continent in the last six years in areas of transport, energy, water, and sanitation.

He disclosed this when the United States Treasury Secretary, Janet Yellen, hosted G-7 Ministers, and heads of multilateral development banks.

In a statement obtained from the bank’s website, Adesina said, “the AFDB, the premier financier of infrastructure in Africa, has committed more than $44bn to infrastructure across the continent in the last six years alone, in such critical areas as transport, energy, and water and sanitation.

At the event, Adesina said project preparation facilities were critical to developing bankable infrastructure projects since one of the major challenges of infrastructure projects was moving commercially viable projects to financial close.

He added that institutional investors including pension funds, sovereign wealth funds, and insurance companies had enough resources to scale up infrastructure financing from billions to trillions of dollars.

Credit: Punch

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